In another mobile payments study, Juniper Research predicts that these transactions will rise nearly fourfold over the next five years to more than $1.3 trillion.
The report titled “Mobile Payments Strategies: NFC, Remote Purchases & Money Transfer 2012-2017” found that growth would primarily be driven by sales of physical goods by both remote purchases and NFC transactions, which will account for 54% of the total value of mobile payments by 2017. However, despite all that growth, the physical goods sales conducted via the mobile phone would still only account for around 4% of global retail transactions by 2017.
The big problem is the consumer awareness of NFC. According to the report author Dr Windsor Holden, it is imperative for all members of the NFC value chain to “engage with the public to heighten its profile as a simple, intuitive payment mechanism.”
Some other findings from the report include:
- Physical goods sales from mobile devices will account for 30% of eRetail by 2017.
- Mobile operators should start to invest in Secure Elements and Trusted Service Manager infrastructure.
As usual, you can get additional information about the report from Juniper’s website.